EXHIBIT 10.12
AMENDMENT NO. 1 TO
SECURITIES PURCHASE AGREEMENT
This Amendment No. 1 (the "Amendment") to that certain Securities Purchase
Agreement (the "Agreement") dated as of March 4, 1999 between Notify Technology
Corporation (the "Company") and Xxxxx X. Xxxxxx ("Xxxxxx") is made as of October
7, 1999.
In consideration of good and valuable consideration, the receipt of which
is hereby acknowledged, the Company and Xxxxxx agree as follows:
1. On or prior to October 13, 1999, Xxxxxx will duly exercise (including
delivering to the Company the consideration due upon exercise) those certain two
warrants issued pursuant to the Agreement with accelerated termination
provisions described in paragraphs 1 and 2 of Exhibit A-2 of the Agreement.
2. Section 10(b) of that certain warrant issued pursuant to the Agreement with
an accelerated termination provision described in paragraph 3 of Exhibit A-2 of
the Agreement shall be amended so that it reads in its entirety as follows:
"This warrant shall terminate thirty days after (i) the Company' receives
purchase orders which in aggregate total $1,500,00 or more in any fiscal
quarter, and (ii) the Company provides Holder notice of the Company's achieving
the foregoing milestone"
and the termination date of said warrant (as described in clause (a) of
Section 10(a)) shall be amended to be March 31, 2001.
3. Section 10(b) of that certain warrant issued pursuant to the Agreement with
an accelerated termination provision described in paragraph 4 of Exhibit A-2 of
the Agreement shall be amended so that it reads in its entirety as follows:
"This warrant shall terminate thirty days after (i) the Company has Fiscal 2000
revenue of $5,000,000 or more, and (ii) the Company provides Holder notice of
the Company's achieving the foregoing milestone."
and termination date of said warrant (as described in clause (a) of Section
10(a)) shall be amended to be March 31, 2001.
This Amendment has been executed effective as of the first date set forth
above.
NOTIFY TECHNOLOGY CORPORATION
/s/ Xxxx XxXxxx /s/ Xxxxx Xxxxxx
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Xxxx XxXxxx, President Xxxxx Xxxxxx
